MarketWatch – The Department of Justice on Wednesday unsealed a March 10 criminal complaint against Kirk Wright, charging him with mail fraud relating to the collapse of hedge funds he managed.
An arrest warrant has been issued for Wright, 35, of Marietta, Ga., who is now a fugitive wanted by the Federal Bureau of Investigation, the DOJ said in a statement.
The complaint alleges a fraud involving $150 million to $180 million in missing investor assets managed by Wright’s funds, International Management Associates and International Management Associates Advisory Group, said U.S. Attorney David Nahmias in a statement.
The complaint claims that in late 2005, Wright represented to several clients that the funds had more than $150 million under management in the custody of the brokerage firm Ameritrade, now known as TD AmeriTrade Holding Corp. (AMTD).
The complaint alleges that Wright lied, and that the Ameritrade statements were fabricated, reflecting accounts that did not exist, and balances more than 1,000 times more than the actual value of the accounts.
